Music Feature

10 Minutes with the Director of "Inside Job", Charles Ferguson

Two.One.Five Magazine sits down with Charles Ferguson, Director of "Inside Job", the first film to provide a comprehensive analysis of the financial collapse of 2008.

(215) Allow me to begin by telling you how much I
enjoyed “Inside Job.” It was a superbly crafted, compelling piece of work.

(CF) Thank you very much.

(215) While watching your film, I couldn’t help but think of
Glaucon’s argument to Socrates in Plato’s Republic. And as a political
scientist, I’m sure I do not need to remind you what that was…

(CF) Actually you do…

(215) Ok, well... [Ring of Gyges] …
So my question is, has today’s world of high finance become a modern day ‘Ring
of Gyges’ – in other words, has it created an environment where our natural
inclination for self interest can thrive, or is it more about the type of
person that gets into investment finance?

(CF) A little bit of both, but more so the latter. The kind of person
attracted to investment banking today is not the same person it was 40 years
ago. The current culture and practice has given opportunity for the greediest
among us to prosper at the expense of others.

(215) So for you, the film is not an indictment of
the human race, rather a testimony to the morality of a certain kind of person?

(CF) Yes, I would say that is more so the case.

(215) Do you suppose that your background in academia, and your
years spent as a government consultant, provided you with an advantage making
this film – perhaps an insight into the psychology of these communities?

(CF) Yes, I would say I had an advantage, but not because my
experiences have afforded me a particular insight into their psychology. With my
background, I have had the opportunity to study the financial environment and learn
a great deal about the issues. I also know the individuals involved personally;
I could meet with them and learn firsthand what had taken place.

(215) Moving forward, who do believe are going to be the
individuals that right this ship? Who are going to be the heroes of this story?

(CF) I think some have shown themselves already -- the individuals
speaking out and writing about the subject should be applauded. And others have
yet to be seen.

(215) Specifically, I was curious why Elizabeth
Warren was not made mention of or featured in the film?

(CF) Oh yes, I spoke with Elizabeth a great off the record during the
filming of the movie. She was a great help but could not appear on camera
because, at the time, she was in the process of being reviewed for various
government appointments and didn’t feel as though it would be appropriate. But
yes, she certainly can be considered a voice of reason – someone to be trusted.

(215) Lacking any government intervention during
the crisis itself, what do you suppose our current economic environment look
like?

(CF) Had the government not stabilized the banks when they did, most
agree that we would be in something very similar to the great depression.

(215) During your research for this film, and time spent
interviewing individuals responsible, did you ever gleam a hint of remorse or
shame from those whose actions resulted in the collapse?

(CF) Shockingly, no; I felt very little remorse from those I
interviewed. I have had several conversations about this very same thing with
other people and they all agree that there seems to be very little, if any,
shame on behalf of those responsible. Yes, that is what has shocked me the
most.

(215) Ironically enough, I
actually teach ethics in the business school at Temple University

(CF) [laughs] oh my goodness!

(215) Don’t worry, I am a philosopher by trade,
not a businessman; but I am curious, what message should our future business
leaders be taking away from your film? In other words, Dr. Ferguson, what
should I tell my students?

(CF) I would remind your students that ethics, in business, does
matter. Understanding what the right thing is, and why it is, is an important
part of serving your client’s interests and your own.

(215) Thank you very much
for speaking with me; I look forward to your next project.